US President Trump, on Sunday, directly endorsed his official $TRUMP meme coin on Truth Social, calling it “the greatest of all.”
“I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!,” he wrote to his 9.3 million followers. His post immediately drove the token’s price, although it quickly retreated after hours.
The Solana-based $TRUMP meme coin launched on Jan. 17, reached a peak of over $14.5 billion in overall market value by Jan. 19, the day before President Trump’s inauguration.
The initial launch offered 200 million TRUMP tokens, with a plan to expand the supply to 1 billion over three years. However, Trump’s meme coin also sparked fears of unregulated global influence and investor risks.
Meme Coin Post Spikes Trading Volumes, Meme Coin Up 10%
The Truth Social post at 10:33 AM ET, quickly drove the meme coin’s price to $12.17, according to coinmarketcap data.
Further, the token price rebounded from the 24H low of $10.75 and is currently stabilising around $11.60, with a potential move toward resistance at $12.51. TRUMP meme coin retreated to its current value around $11.85 at press time.
The surge, however, remains down 84% from its all-time high of $73.4 at the time of its launch in January.
Further, according to geckoterminal data, the SOL-based meme coin’s trading volume spiked to the highest levels since the start of March. Traders have rushed to capitalise on Trump’s rare direct promotion of his official $TRUMP token.
Trump’s ‘Not So Much Knowledge’ on Meme Coins to being ‘So Cool’
The President, in January, noted that he did not have much knowledge about his official meme coin.
“I don’t know much about it other than I launched it,” Trump told reporters. “I heard it was very successful. I haven’t checked.”
However, the meme coin’s short-lived surge marks that the community is no longer excited about Trump token. according to Andrew Rossow, digital media attorney and CEO of AR Media, these posts “unfortunately set a dangerous precedent for leveraging public office for personal financial gain.”
In an interview, he told Decrypt that the president’s endorsement to a financial product tied to his personal benefits, “undermines regulatory agencies such as the SEC and CFTC, eroding trust in impartial governance.”
Additionally, House Democrats led by Rep. Sam Liccardo, came up with the MEME Act in February, which prohibits federal officials and families from benefitting through meme coin profits.
“The Trumps’ issuance of meme coins financially exploits the public for personal gain, and raises the spectre of insider trading and foreign influence over the Executive Branch,” Rep. Liccardo wrote in a blog.
The post Trump Endorses Official Meme Coin, Calls it “Greatest” of All, Token Soars 10% appeared first on Cryptonews.
